Marcus received a $90,000 inheritance from his grandmother while married to Sandra. He used the entire inheritance to purchase a vacation cabin in Elko County, taking title solely in his name. Under Nevada community property law, how is the cabin most likely classified?
Correct Answer
D) Separate property, because it was purchased with inherited funds
Under NRS 123.130, property acquired by gift, bequest, devise, or descent during marriage remains the separate property of the spouse who received it. Because Marcus used inherited funds (funds that are themselves separate property) to purchase the cabin, the cabin retains its character as his separate property, provided he can trace the purchase funds to the inheritance. Keeping separate property funds segregated and documented is critical to preserving separate property status.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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